Latest Ratios: P/E Ratio -148.9x · EV/EBITDA N/A · ROE -8.6%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.2B | $7.3B | $3.2B | $3.6B | $2.1B | $2.8B | $2.9B | — | — |
| Enterprise Value | $11.1B | $7.2B | $3.2B | $3.5B | $2.1B | $2.8B | $2.8B | — | — |
| P/E Ratio → | -148.92 | — | — | — | — | — | — | — | — |
| P/S Ratio | 21.03 | 13.65 | 7.53 | 10.22 | 7.56 | 13.62 | 19.37 | — | — |
| P/B Ratio | 12.09 | 8.18 | 4.17 | 5.27 | 3.39 | 4.41 | 5.27 | — | — |
| P/FCF | 78.60 | 51.02 | 29.93 | 49.55 | 126.03 | 118.91 | 112.62 | — | — |
| P/OCF | 76.74 | 49.80 | 29.08 | 48.22 | 98.80 | 100.89 | 99.15 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.54 | 7.46 | 10.08 | 7.54 | 13.52 | 18.28 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 50.61 | 29.65 | 48.87 | 125.74 | 118.02 | 106.28 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.8% | 76.8% | 77.1% | 78.0% | 77.8% | 79.8% | 81.1% | 80.9% | 83.1% |
| Operating Margin | -16.9% | -16.9% | -20.8% | -21.5% | -32.1% | -33.1% | -9.4% | -6.6% | -42.3% |
| Net Profit Margin | -13.5% | -13.5% | -16.2% | -17.5% | -32.2% | -31.1% | -6.2% | -5.2% | -40.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.6% | -8.6% | -9.5% | -9.4% | -14.3% | -10.8% | -3.6% | — | — |
| ROA | -5.8% | -5.8% | -6.6% | -6.6% | -10.5% | -8.3% | -2.0% | -2.4% | -12.0% |
| ROIC | -8.6% | -8.6% | -9.7% | -9.0% | -10.9% | -10.2% | -6.7% | — | — |
| ROCE | -10.3% | -10.3% | -11.7% | -11.0% | -13.4% | -11.0% | -4.0% | -4.5% | -17.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.03 | 0.05 | 0.07 | 0.07 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.06 | -0.04 | -0.07 | -0.01 | -0.03 | -0.30 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.40 | -0.28 | -0.67 | -0.29 | -0.89 | -6.34 | -4.78 | -32.47 |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($77M) exceeds total debt ($19M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.09 | 2.09 | 2.04 | 2.46 | 2.54 | 2.85 | 5.32 | 2.31 | 3.28 |
| Quick Ratio | 2.09 | 2.09 | 2.04 | 2.46 | 2.54 | 2.85 | 5.32 | 2.31 | 3.28 |
| Cash Ratio | 1.73 | 1.73 | 1.65 | 2.08 | 2.11 | 2.40 | 4.87 | 1.94 | 2.89 |
| Asset Turnover | — | 0.40 | 0.38 | 0.36 | 0.32 | 0.24 | 0.22 | 0.44 | 0.29 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 82.32 | 77.27 | 79.74 | 80.96 | 89.15 | 89.66 | 86.22 | 113.72 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | 1.3% | 2.0% | 3.3% | 2.0% | 0.8% | 0.8% | 0.9% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $116M | $110M | $103M | $99M | $95M | $46M | $80M | $80M |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FROG stock.
JFrog Ltd.'s current P/E ratio is -148.9x. This places it at the 50th percentile of its historical range.
JFrog Ltd.'s return on equity (ROE) is -8.6%. The historical average is -9.4%.
Based on historical data, JFrog Ltd. is trading at a P/E of -148.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
JFrog Ltd. has 76.8% gross margin and -16.9% operating margin.
Key Metrics
Top Statement Risk
Persistent operating losses despite growth
Metrics are mathematically derived from official filings.
Margin Inflection Points to Operating Leverage
Operating margin improved from -20.0% in Q2 2025 to -8.1% in Q2 2026, per SEC filings, while gross margin expanded to 77.9%, indicating early operating leverage despite ongoing GAAP losses.
The sequential improvement in operating margin from -13.3% in Q4 2025 to -8.1% in Q2 2026 suggests that revenue growth is outpacing expense growth, a trend that may continue if cost discipline holds. Gross margin stability around 77-78% despite cloud mix shift implies the company is managing hosting costs effectively, though the path to GAAP profitability remains dependent on controlling S&M and R&D spend. Investors should monitor whether the narrowing losses are sustainable or a result of one-time cost controls.
Returns Still Negative but Losses Narrowing
ROIC improved from -3.6% in Q3 2024 to -1.1% in Q2 2026, as reported in financial statements, reflecting narrowing losses and stable invested capital, though returns remain below cost of capital.
The improvement in ROIC is driven primarily by margin expansion rather than capital efficiency, as asset turnover has remained flat at 0.11x over the period. With a minimal debt load and a growing cash balance, the company's invested capital base is expanding, but the negative returns indicate that value creation is still pending. If operating margins continue to trend toward breakeven, ROIC could turn positive within the next few quarters, but this depends on sustaining revenue growth above 25%.
Working Capital Efficiency Shows Mixed Signals
DSO rose to 69 days in Q2 2026 from 60 days a year earlier, per balance sheet data, while DPO fell to 31 days, suggesting a slight deterioration in cash collection and supplier leverage.
The increase in DSO may indicate longer payment terms for enterprise customers or a shift in revenue mix toward larger deals, which could pressure cash flow if not offset by growth. The decline in DPO from 63 days in Q2 2024 to 31 days suggests the company is paying suppliers faster, possibly to secure favorable terms, but this reduces the cash conversion benefit. Despite these trends, the company's strong FCF margin of 32.8% in Q2 2026 indicates that overall cash generation remains robust, driven by non-cash charges like stock-based compensation.
Minimal Debt Provides Strategic Flexibility
Debt-to-equity stands at 0.02 with total debt of $14.6M, per recent SEC filings, indicating negligible leverage and ample borrowing capacity to fund growth initiatives or weather downturns.
The company's conservative capital structure, with no significant debt maturities and a current ratio of 2.14, suggests that refinancing risk is minimal. The absence of interest coverage data is consistent with the low debt levels, and the company appears to have sufficient liquidity to support its investment phase. However, the negative retained earnings of -$443.9M highlight that the company has historically relied on equity funding, and future dilution from stock-based compensation remains a concern for shareholders.
Liquidity Buffer Remains Solid Despite Cash Dip
Current ratio improved to 2.14 in Q2 2026 from 2.04 in Q2 2024, per balance sheet data, while cash rose to $96.7M, indicating a strong liquidity position to fund operations and growth.
The quick ratio equals the current ratio at 2.14, reflecting minimal inventory dependence, which is typical for a software company. The company's ability to generate positive operating cash flow despite GAAP losses provides an additional liquidity cushion, with cumulative operating cash flow of $352.2M over the last ten quarters. Under a severe stress scenario, the company could likely sustain operations for several quarters without external funding, given its low fixed costs and recurring revenue base.
Misapplied Metric: EV/EBITDA
EV/EBITDA is often used for software firms, but JFrog's negative EBITDA makes it meaningless; instead, investors should focus on P/FCF or EV/Sales, as reported figures show FCF margin of 32.8%.
The forward EV/EBITDA of 121.96 is misleading because the company's EBITDA is negative, and the metric does not capture the significant stock-based compensation that is a real economic cost. A more appropriate valuation metric is P/FCF, which at 81.87 reflects the company's strong cash generation relative to its market cap, or EV/Sales at 21.90, which can be compared to peers like GitLab and Datadog. Investors should adjust for SBC to get a true picture of cash earnings, as the reported FCF may overstate economic value if SBC is considered a real expense.